Albemarle Co. (NYSE:ALB) Receives Consensus Rating of “Buy” from Analysts
Shares of Albemarle Co. (NYSE:ALB) have earned a consensus recommendation of “Buy” from the twenty-four analysts that are presently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, eight have issued a hold recommendation and thirteen have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $91.45.
ALB has been the topic of a number of research reports. Berenberg Bank set a $75.00 price objective on Albemarle and gave the company a “hold” rating in a report on Monday, August 12th. Citigroup decreased their price objective on Albemarle from $80.00 to $73.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Buckingham Research decreased their price objective on Albemarle from $80.00 to $75.00 and set a “neutral” rating on the stock in a report on Thursday, October 3rd. Morgan Stanley decreased their price objective on Albemarle from $65.00 to $60.00 and set an “underweight” rating on the stock in a report on Thursday, August 15th. Finally, Gabelli assumed coverage on Albemarle in a report on Thursday, September 12th. They issued a “buy” rating and a $109.00 price objective on the stock.
ALB stock traded down $1.09 during midday trading on Friday, reaching $67.13. The stock had a trading volume of 903,887 shares, compared to its average volume of 1,246,828. The company’s fifty day simple moving average is $66.44 and its 200 day simple moving average is $70.56. The company has a current ratio of 1.45, a quick ratio of 0.87 and a debt-to-equity ratio of 0.35. The company has a market cap of $7.23 billion, a price-to-earnings ratio of 12.25, a price-to-earnings-growth ratio of 0.87 and a beta of 1.64. Albemarle has a 52-week low of $58.63 and a 52-week high of $108.74.
The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were issued a dividend of $0.3675 per share. The ex-dividend date was Thursday, September 12th. This represents a $1.47 annualized dividend and a dividend yield of 2.19%. Albemarle’s dividend payout ratio is presently 26.82%.
In other Albemarle news, insider Eric Norris acquired 3,090 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The stock was purchased at an average cost of $64.66 per share, with a total value of $199,799.40. Following the transaction, the insider now owns 164 shares of the company’s stock, valued at $10,604.24. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Luther C. Iv Kissam sold 36,000 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $70.00, for a total value of $2,520,000.00. Following the sale, the chief executive officer now directly owns 334,046 shares of the company’s stock, valued at $23,383,220. The disclosure for this sale can be found here. 1.02% of the stock is currently owned by company insiders.
Several large investors have recently modified their holdings of the stock. Gemmer Asset Management LLC increased its position in shares of Albemarle by 71.1% during the 2nd quarter. Gemmer Asset Management LLC now owns 361 shares of the specialty chemicals company’s stock worth $25,000 after purchasing an additional 150 shares during the last quarter. Retirement Systems of Alabama grew its position in Albemarle by 0.3% in the 2nd quarter. Retirement Systems of Alabama now owns 49,415 shares of the specialty chemicals company’s stock valued at $3,479,000 after acquiring an additional 171 shares in the last quarter. Wealthstreet Investment Advisors LLC grew its position in Albemarle by 3.8% in the 2nd quarter. Wealthstreet Investment Advisors LLC now owns 4,800 shares of the specialty chemicals company’s stock valued at $338,000 after acquiring an additional 175 shares in the last quarter. Gs Investments Inc. grew its position in Albemarle by 0.9% in the 2nd quarter. Gs Investments Inc. now owns 19,007 shares of the specialty chemicals company’s stock valued at $1,338,000 after acquiring an additional 175 shares in the last quarter. Finally, Regent Investment Management LLC grew its position in Albemarle by 1.4% in the 3rd quarter. Regent Investment Management LLC now owns 13,070 shares of the specialty chemicals company’s stock valued at $909,000 after acquiring an additional 175 shares in the last quarter. 90.60% of the stock is owned by hedge funds and other institutional investors.
Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. Its Lithium segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and value-added lithium specialties, as well as reagents, such as butyllithium and lithium aluminum hydride for applications in lithium batteries for consumer electronics and electric vehicles, high performance greases, thermoplastic elastomers for car tires, rubber soles, plastic bottles, catalysts for chemical reactions, organic synthesis processes, life science, pharmaceutical, and other markets.
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